Navigating Safe Harbor: Cannabis Banking in a Time of Uncertainty by Seefried, Sundie

Navigating Safe Harbor: Cannabis Banking in a Time of Uncertainty

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After Colorado voters approved the sale and use of medicinal and recreational cannabis, the state's landscape was changed. Suddenly, dispensaries and grow houses were everywhere, and customers numbered in the tens, if not hundreds, of thousands.

But federal laws make it difficult for cannabis businesses to open checking or savings accounts in federally insured financial institutions. It's nearly impossible for these businesses to wire funds, access lines of credit, or maintain payroll accounts. The result is an industry that has been forced to pay its bills, employees, suppliers, and taxes in cash. Briefcases and backpacks full of cash.

Enter Safe Harbor Private Banking. Concerned about the risks a cash-based industry poses to public safety, it plunged into cannabis banking determined to take money off the streets and to offer law-abiding businesses a port in a turbulent sea. Its experiences serving the cannabis industry offer a primer for other bankers considering a similar program and for policy makers and regulators eager to bring stability to a topsy-turvy marketplace.

Author: Sundie Seefried
Publisher: Createspace Independent Publishing Platform
Published: 04/20/2016
Pages: 118
Binding Type: Paperback
Weight: 0.40lbs
Size: 9.00h x 6.00w x 0.28d
ISBN13: 9781532856754
ISBN10: 153285675X
BISAC Categories:
- Business & Economics | Banks & Banking

About the Author

Sundie Seefried is CEO and president of Partner Colorado Credit Union located in Denver, Colorado. She has served in the credit union industry since 1983 and as CEO since 2001. She holds a bachelor's in business management from the University of Maryland and an MBA in finance from Regis University.

At Partner Colorado, Seefried has focused on establishing a culture of service and sales excellence. Under her leadership, and with the support of the board and the staff, Partner Colorado was named to a top-10 list of Best Places to Work in Denver for eight consecutive years, from 2005 to 2012.

Poised to retire in 2014, Seefried instead embarked on what has been the biggest challenge of her eventful career: designing and building a full-scope cannabis-banking program. The program she devised, tested and launched has not only withstood the scrutiny of federal and state regulators, it has succeeded financially.

Just as important, by banking an industry that once had little choice but to execute all its transactions in cash, Seefried and her Partner Colorado team have made communities all over the state safer.

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